Mr. Brian McHugh:

It is important to clarify our position. We do not analyse what is the right price. There are significant issues with beef prices in Ireland and at European level. We do not go about trying to estimate the right price and the right profit level from wholesale to retail. What we consider are the issues in the market and whether the merger would lessen competition. We did not see evidence at the time and have not seen evidence since that the merger would lessen competition. That does not take away from the very real issues that arise regarding the current price of beef and its impact on farmers. I do not believe, however, that the cause of the problem was a particular merger, nor do I believe the solution would have been to prevent mergers.

Regarding some of the discussions on the regulatory sphere and what other solutions might exist, I will ask Mr. O'Leary to comment.